Heartland $130 million placement fully subscribed

Not for release to US wire services or distribution in the United States. NZX/ASX release 24 August 2022 Heartland's $130 million placement fully subscribed Heartland Group Holdings Limited (NZX/ASX:HGH) (Heartland) is pleased to announce that it has successfully completed the bookbuild for the fully underwritten NZ$130 million placement (Placement) of the NZ$200 million equity raising announced on 23 August 2022. The Placement was strongly supported by existing institutional and retail shareholders and also attracted significant bids from other institutional and retail investors who Heartland welcomes as shareholders. The Placement was fully subscribed at the fixed price of NZ$1.80 per share. This price represents a discount of 12.8% to the ex-dividend adjusted last close price of NZ$2.0650 per share on 22 August 2022, and a discount of 13.7% to the 5-day volume weighted average ex-dividend adjusted price (VWAP) of NZ$2.0851 (up to and including 22 August 2022). Heartland undertook the Placement with the key objective of treating existing shareholders in eligible jurisdictions fairly. All existing eligible shareholders who bid for their pro-rata allocation of the Placement were allocated at least that amount of new shares. Settlement of the Placement is expected to occur on 26 August 2022 for the ASX and on 29 August 2022 for the NZX, with the allotment of all shares and the commencement of trading on the NZX and ASX expected to occur on 29 August 2022. The new shares to be issued under the Placement will rank equally in all respects with Heartland's existing ordinary shares on issue, but will not be eligible for the FY2022 final dividend with a record date of 26 August 2022, and will not entitle the investor to participate in the SPP which had a record date of 22 August 2022. As announced on 23 August 2022, Heartland is also undertaking a non-underwritten NZ$70 million share purchase plan (SPP), with the ability for Heartland to accept oversubscriptions at its discretion. A SPP offer document will be sent to eligible shareholders on 25 August 2022 and will also be available at www.heartlandshareoffer.co.nz from that date. All eligible shareholders are encouraged to visit that website and apply online. Key dates for the SPP are set out below. Key SPP dates Record Date: 7.00pm NZST/5.00pm AEST Monday 22 August 2022 Expected dispatch of SPP offer document: Thursday 25 August 2022 SPP opens: Thursday 25 August 2022 SPP closes: 7.00pm NZST/5.00pm AEST Monday 5 September 2022 Announcement of results of SPP: Thursday 8 September 2022 Settlement and allotment of shares issued under the SPP offer: Friday 9 September 2022 Trading of SPP shares commences on NZX: Friday 9 September 2022 Trading of SPP shares commences on ASX: Monday 12 September 2022 - ENDS - For further information, please contact the person(s) who authorised this announcement: Jeff Greenslade Chief Executive Officer M 027 382 0023 Andrew Dixson Chief Financial Officer M 021 263 2666 Address: Level 3, Heartland House 35 Teed Street Newmarket, Auckland New Zealand For media enquiries, please contact: Nicola Foley Group Head of Communications M 027 345 6809 E nicola.foley@heartland.co.nz Currency Unless otherwise stated, all references to "$" are to the New Zealand dollar. Not an offer of securities This announcement has been prepared for publication in New Zealand and Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. End CA:00397482 For:HBL Type:OFFER Time:2022-08-24 08:31:06